Insurance: The week in 10 stories

BRAZIL

The Brazilian federation of health insurers strongly criticized a court order that set a limit on how much prices of individual health insurance plans can be increased this year.

US insurance giant AIG is reportedly searching for acquisition targets to expand in Brazil after having downsized its operations in the country in recent years.

Brazilian insurers ceded premiums worth 2.71bn reais (US$713mn) to the reinsurance market in the first quarter, a 1.5% reduction compared with the same period of 2017.

MEXICO

A study produced by insurer Mapfre México found that 47% of Mexican women do not own any type of insurance, highlighting the need to raise awareness and promote risk prevention in order to increase low penetration rates.

ARGENTINA

Argentine insurers are collaborating with state entities on a program to promote digital policies and support national reforestation work.

CHILE

Chile's insurance and securities watchdog CMF is considering hiring external consultants to help it tighten defenses against cyber criminals.

Banco de Chile, which recently lost US$10mn in a cyberattack, is insured against such risks by Southbridge and Chubb, local paper Diario Financiero reported.

PANAMA

Panama-headquartered regional insurance group ASSA is seeking authorization to enter the life insurance segment in Honduras.

COSTA RICA

Premiums collected by Costa Rican insurers in April were up 6.9% year-on-year to 342bn colones (US$603mn), according to sector regulator Sugese.

REGIONAL

Expected hikes in reinsurance prices have failed to materialize in 2018, despite record natural disaster losses in 2017, and analysts at the Berenberg investment bank believe the industry can no longer expect major tailwind events to apply significant upward price pressure.